FM sooths crestfallen market, not against PN

New Delhi, Oct 17 (UNI) After the stock market benchmark Sensex today crashed by 1,743 points within minutes of opening, Finance Minister P Chidambaram said the government is not in favour of banning Participatory Notes and there is no need for alarm.

''Fundamentals of the economy are still strong and there is no need for alarmist statements,'' said Mr Chidambaram.

The government is not in favour of banning participatory notes, he said adding ''We have not banned PNs, we have simply placed a cap on the proportion of money coming through PNs vis-a-vis overall assets under management or overall derivative position." UNI